Page 14 - AsiaElec Week 15

EurOil PROJECTS & COMPANIES EurOil
UK well services provider wins $56mn in contracts
UK
Ardyne will benefit from the number of mature North Sea assets facing closure.
ABERDEEN-BASED well services provider Ardyne has won four long-term contracts for work at 175 wells off the UK and Norway, it said in a statement issued on April 9. It valued the deals at over GBP45mn ($56.3mn).
The company said it had secured three con- tracts with durations ranging between three and five years with major operators for fishing, plugging and abandonment (P&A) and inner string conductor recovery on 103 wells in UK and Norwegian waters. The awards establish the company as a full service P&A and fishing ser- vices provider in the region, it said.
The work is due to begin in the second and third quarters of this year.
Ardyne has also received a contractor from the major Norwegian operator for fishing and slot recovery services for 72 wells, it said. The campaign will commence in the third quarter and continue for around four years.
The series of awards follows Ardyne’s decision last year to make a strategic pivot from being a niche provider to offering full service P&A and slot recovery support, including fishing, milling and casing cut and pull operations.
Under the new projects, Ardyne will deploy its innovative TRIDENT single-trip casing
retrieval solution, its TITAN single-trip casing cutting hydraulic power system and its Down- Hole Power Tool. TRIDENT and TITAN are designed and manufactured in the UK and have been used successfully more than 1,200 times each around the world.
Ardyne is headquartered in Aberdeen but has operating facilities in Stavanger, Norway and Louisiana, in the US. It currently has more than 90 employees but expects to take on some more with the new contracts.
“The recent contract wins demonstrate our long-term commitment to the North Sea and continued capital investment here, despite chal- lenging times for the industry,” Ardyne CEO Alan Fairweather said.
They also validate the firm’s strategic pivot, he said.
“The number of mature assets facing cessa- tion of production in the North Sea is growing and the industry’s commitment to long-term P&A project work will only increase,” he con- tinued. “Although Ardyne is only four years old, as individuals we have many years of expe- rience in serving the P&A sector and our busi- ness is perfectly positioned to support future growth.” ™
Bankers Petroleum slashes output in Albania
ALBANIA
The Chinese-owned company has been working in Albania since 2004.
ALBANIA’S biggest oil producer, Chi- nese-owned Bankers Petroleum, cut its oil production due to the lower demand as a con- sequence of the coronavirus (COVID-19) pan- demic, local media reported.
Bankers launched operations in Albania in 2004. In 2016 the company was purchased from its Canadian ownerd by Chinese Geo-Jade Petroleum for CAD575mn (€400mn).
“Due to the crisis Bankers Petroleum faces difficulties to sell its oil production particularly after the company’s main buyer in Spain sus- pended operations,” Bankers’ CEO Xingyun Sun said in an interview with business news provider Monitor published on April 11.
Sun was cited as saying that the rapid spread
of this virus has led to a deteriorating economic outlook, low oil prices and turmoil in financial markets around the world.
The price of oil has fallen to its lowest level since 2002, as demand for oil is collapsing as a result of the pandemic, Sun said.
In March, oil prices were more than halved as oil companies cut their production and the price of Brent dropped to $20 a barrel. In addi- tion to declining demand, the oil price conflict last month between Saudi Arabia and Russia also had a negative impact, he said.
However, Bankers’ CEO said the company is trying to do its best to mitigate the impact of COVID-19 and maintain production activities as much as possible. ™
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w w w . N E W S B A S E . c o m Week 15 16•April•2020